help me with this Borrowing costs on qualifying assets are?(a) Always expensed(b) Capitalized during the construction period(c) Added to reserves(d) Deducted from the asset cost

**Explanation:**Borrowing costs on qualifying assets (such as assets that take a substantial amount…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter11: Long-term Assets

Section: Chapter Questions

Problem 10MC: The amortization process is like what other process? A. depreciation B. valuation C. recognizing...

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Borrowing costs on qualifying assets are? a) Always expensed b) Capitalized during the construction period c) Added to reserves d) Deducted from the asset cost
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Which of the following is typically recorded at its present value? a. long-term investments b. long-term liabilities c. intangible assets d. contigent liabilities
Which of the following statements is true regarding capitalization of interest? O When excess borrowed funds not immediately needed for construction are temporarily invested, any interest earned should be offset against interest cost incurred when determining the amount of interest cost to be capitalized. O The minimum amount of interest to be capitalized is determined by multiplying a weighted average interest rate by the amount of average accumulated expenditures on qualifying assets during the period. O The amount of interest cost capitalized during the period should not exceed the actual interest cost incurred. O Interest cost capitalized in connection with the purchase of land to be used as a building site should be debited to the land account and not to the building account.
The amortization process is like what other process?A. depreciationB. valuationC. recognizing revenueD. capitalization
Fixed assets are ordinarily presented on the balance sheet OO at their current market value under "Intangible assets" at their cost less accumulated depreciation at their replacement cost
1. What factors must a company consider when choosing an amortization method to use for a fixed asset? Be sure to refer to IFRS and the effect of the decision on the financial statements. 2. What is the Capital Cost Allowance and how does it affect the amortization of assets?

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Borrowing costs on qualifying assets are? (a) Always expensed (b) Capitalized during the construction period (c) Added to reserves (d) Deducted from the asset cost